Range Financial Group LLC Takes Position in Shutterstock, Inc. (NYSE:SSTK)

Range Financial Group LLC bought a new stake in Shutterstock, Inc. (NYSE:SSTK) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 22,756 shares of the business services provider’s stock, valued at approximately $691,000. Range Financial Group LLC owned about 0.07% of Shutterstock at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SSTK. Epoch Investment Partners Inc. lifted its position in Shutterstock by 22.8% in the second quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after purchasing an additional 201,391 shares during the last quarter. State Street Corp raised its holdings in Shutterstock by 1.4% during the 3rd quarter. State Street Corp now owns 966,694 shares of the business services provider’s stock valued at $34,192,000 after buying an additional 13,039 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Shutterstock by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock valued at $33,648,000 after buying an additional 34,243 shares during the last quarter. Geode Capital Management LLC boosted its position in Shutterstock by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 573,128 shares of the business services provider’s stock valued at $20,275,000 after buying an additional 25,050 shares during the period. Finally, Rice Hall James & Associates LLC grew its holdings in Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after acquiring an additional 153,154 shares during the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SSTK. Morgan Stanley reduced their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. StockNews.com downgraded Shutterstock from a “buy” rating to a “hold” rating in a report on Monday. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday. Truist Financial decreased their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of Shutterstock in a research note on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Shutterstock presently has a consensus rating of “Hold” and a consensus target price of $53.67.

Shutterstock Stock Up 15.0 %

Shares of NYSE:SSTK traded up $4.50 during midday trading on Tuesday, reaching $34.55. The company’s stock had a trading volume of 5,088,805 shares, compared to its average volume of 1,939,152. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The firm has a 50 day moving average of $31.54 and a 200-day moving average of $34.19. The firm has a market capitalization of $1.20 billion, a P/E ratio of 33.87 and a beta of 1.08. Shutterstock, Inc. has a 12-month low of $28.64 and a 12-month high of $54.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. During the same quarter in the prior year, the company earned $0.99 earnings per share. The business’s revenue was up 7.4% compared to the same quarter last year. On average, research analysts anticipate that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.47%. Shutterstock’s dividend payout ratio is currently 117.65%.

Shutterstock Company Profile

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.